Plus: Canada backs off digital tax after tariff threats, Werner beats a $100M verdict, Samsara teams up with HappyRobot to bring AI voice into freight ops... and more in today's newsletter.
Samsara aims to improve its services with investment with HappyRobot
Texas Supreme Court reverses $100 million verdict against Werner, ruling the carrier wasn’t liable in 2014 crash caused by out-of-control pickup.
Knight-Swift's profit dips in Q2 as U.S. freight demand dwindles and revenues across trucking units drop sharply.
Knight-Swift Transportation, the largest North American truckload carrier, reported a sharp fall in Q2 profit to $63.3 million, down from $219.5 million year-over-year, due to reduced U.S. freight demand.
Revenue fell 21% to $1.55 billion, with the core truckload segment dropping 15.5%. The company's freight brokerage logistics business revenue also declined by 52% due to a decrease in shipper loads.
Amid this downturn, Knight-Swift reduced its full-year earnings guidance, also factoring in a projected loss from U.S. Xpress, which it acquired earlier in the year. CEO David Jackson expects a normalization of imports and seasonality in coming quarters following an inventory destocking phase.
Source: WSJ
Freight markets giving off recession vibes.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 22, 2023
Dave Jackson CEO of Knight-Swift on their conference call stated:
“I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic recession.” https://t.co/K2tuFbD6IR
The CVSA is renewing its push for electronic truck IDs and extensive safety reforms
New FMCSA rules on English proficiency go into effect June 25. Trucking schools and fleets are pivoting.
Federal charges have been brought against Texas-based Shaquan Jelks for managing trucking firms in violation of FMCSA shutdown orders, misusing PPP funds, and obstructing safety investigations.
Senate bill proposes mandatory English tests for new truck drivers before CDL approval.
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